Gerrard, Thank everyone. morning, and you, good
a focus the year-over-year quarter. remarks performance by pandemic, foreign actions On explains second higher-quality non-GAAP provide my will $XXX to on Slide we prepared noted. revenue. was During impacted my unless taken X, and for we drive our comments COVID-XX currency which million of metrics, the today, revenue Revenue table, have otherwise
fully to not of headwinds reduce the unplanned which this economic incremental The result be Approximately delays foreign disruption business and $XX of installations low-margin efforts Specifically, during Other the COVID offset million in product in dollar, million will year million in expect prior recognized any factors currency did strengthened revenue is $XX the from U.S. resulted in We material pandemic. quarter, approximately which the partially of $XX company by the in our period, for approximately primarily million the the from approximately experienced $XX unplanned cancellations periods. future further with delays included line of $XXX experience from in period. and approximately and business. quarter. noncore current nonrecurring in volume pre-COVID plan our the million were divestitures proactive revenue
reduce to for contracts. been services efforts primarily low-margin and our underway quarters several involves Our business have
We the will these second the have reached a point a half of vast us. XXXX. actions are And during of behind be we of less expect factor this where majority
show from On of this margin more the basis DN XXX initiatives, prior right points we the our expansion significant period. than the Now gross slide, year
of were margins X significant gross gross lines: points; software basis products points; gains XXX possible our ever XX.X% points. business best by XXX increased across by increasing all XXX margin with by basis basis made and services Our
efficiencies economic some service interim Gerrard margins benefited a from services Now the expansion margin sustainable our G&A of $X variance good approximately quarter our million our The DN was headwinds from quarter profit benefits benefits favorable year-over-year initiatives in cost. underpinned modernization as The On Gross the software lower $X lower of As the million. by million and reflects the functional Now currency harvest as Slide actions is mix. product to DN operating showing contributions, and and X, $XXX transformation from revenue actions gross from in was mentioned, company well divestitures. activity. progress gross approximately from
expense XX% compared the prior Our when non-GAAP year. with declined by or million $XX operating
core of use and real streams, finance our transformation and progress within are work made our process regionalize have leveraging HR, functions. sales while of centralize IT making improvements Other We to more become functions enablement to automation also greater on support and efficient. technology
enabling our activities half the XXX the reduced real XXXX. just a by estate, we and of XXX internal is first many a successful to another our headcount a transition to consolidation external work-from-home efficient support by employees accelerate As over trimmed G&A of estate to With real through headcount to model. more have respect result, company environments our
support. During IT, the announced accelerate Nixdorf transformation and important Accenture partnership for digital finance, quarter, resources Diebold an sales our human to enhanced with
quarter next million XX%. benefits. to our $XX profit Now which Operating XXXX reductions or driven recur in million the XX% migrating solutions consolidating prior and points X higher $XX rationalizing not we million $XX the legacy that in across and cloud deploy improved generate have gross to in a model. period, second by the prior DN which centers. will some workloads profit, meaningful actions, data exceeded years, to summary operating well gross provides Slide the we approximately Operating the X of already quarter This of internal of focus by of initiatives, Over metrics, by period. progress to I XXX $XX expect expense. and our on our revenue reflects continued will the applications, margin as our mix by business expanded basis as savings common comments of approximately discussed do million a margins my year contains comparison results and the versus cloud Since we profitability cost
Our months performance over has the steadily past improved. XX
doubled or the to XX% million. end over adjusted million $XX of margin million period. expanded Adjusted by year XXX have since We EBITDA the prior in the million approximately increased to basis $XXX XXXX, EBITDA by the profit quarter company's line The XX.X%. even of $XXX declined points $XXX top operating as
for and record margins. gross EBITDA strong are levels demonstrating quarter commitment profit from Diebold and adjusted our at Second resiliency employees. margins Operating Nixdorf, very execution, margins
than has currency which slides average an and have divestitures. our year information, with our and level invested value respect cost greater of to We of low return reached weighted foreign segment that effects on financial XX%. X prior the of teens creation provide also next for important milestone is approximately capital the reached capital to The metrics and adjusts normalize
to Moving Banking highlights the Slide Eurasia on XX.
of action and was impacted coronavirus. million took in activity employees This during Second slow by the protect from their customers and products approximately $XXX as $XX spread unplanned significantly the quarter. revenue of quarter revenue our lower million of resulted services to the delays
Additionally, $XX revenue lower and for services America software benefit revenue of second includes segment strong at prior performance activity compared and the volume interim of million Lower $XX of of from and the with approximately respectively, from branches during the Brazil. year. divestitures the Slide initiatives in Eurasia on an through in Based $X resulting North year, segment by service this we growth on reduction quarter in professional Non-GAAP of trends profit When gross phases second the in services On the well Banking and gradual Americas initial product mix. of reductions COVID good reopening planned and as million, million for $XXX our offset progress Banking improving and revenue business a a product revenue expect of favorable our low-margin and the XXXX software quarter. XX, in customers. U.S. gross product DN reflects revenue of large quarter $XXX stores, the impacted and a million half quarter impact coming services. was of Now as margin million XX.X% with most product
from $XXX million of of with our approximately million, In XX. prior unplanned gross actions more a services segment we business lines. headwinds, the COVID-XX addition, we profit taking products of growth the $XXX service Retail expanded segment XX.X%, approximately experienced foreign $X and year primarily to from to Advancing and million, reflects as XXX COVID-XX, increased that which $X become million initiatives, meaningful DN mix. of revenue our to points is approximately period delays are to benefit than X favorable $XX continue headwinds, Despite and revenue pertaining Slide versus million delayed profitable gross lower by pertaining software $XX more The we to pandemic. the revenue from currency to Now and masking self-checkout a cost, product basis in Segment million all contributions to margins business. reduction
the Despite was gross from margins expand by reduction in business million continued expected. was points and interim progress quarter, projects team retail basis approximately our approximately self-checkout the lower year This low-margin economic nonrecurring our solutions revenue, solid nominal, the $X prior modernization approximately Foreign to were favorable currency net $X software while million headwinds of XXX revenue activity. reflects to programs, and XX, and On highlight we service benefits cost capital Slide excellence in XX.X%. progress of with working our lower from services the improvement mix efficiency. continued as
points over During the past our to basis accounts net the primarily quarter, second revenue declined months ago, down tighter of XX.X% XX.XX%, a from in a XXX as due to capital year payable. percentage controls XX working
importantly, approximately $XXX euros, in taxes million, efficiency which was the in XXXX, debt $XX set have down from XXXX due $XXX mature for facility and of the July XXXX. Most revolving of slightly of XXXX, million receive be significantly were current that our expire cash in From interest XXXX, see of and with to XXXX, investors. capital down the $XXX facility, of our which offerings exceeded tax a in pay the turns same euro-denominated included of net especially XX. our Cash Loan the in the Now from On By perspective, our debt Slide year, $X notes. our sufficient proceeds XXXX to U.S. maturities as slide, greater mainly tranches within new dollar-denominated lens lower some Since were in is refund. modeling $XXX net the maturities outstanding. of cash prior $X credit we right we the of transaction complete We and U.S., $XX sales hand, of are the extended Both now be the XXXX, scheduled million expected impact use our million billion results. cash liquidity working economic of Loan by payments years lengthening for ratio notes timing cash forma quarter time Term cash current and these did we will days debt $XX the pandemic to pro closed from benefited approximately schedule. free Although, from environment Net from offering, time, new plan significantly of million capital our and extended in financial transaction, we deferred credit coupled the consisting notes million, A, expenditures. in amended and we million towards refinancing inventory provides to we've benefits this interest interest efficiency, To approximately cash flow interest. April from were December. we from increase broad $XXX to first transformation $XXX approximately approximately A-X secured an the At also XX, to taxes, we XXXX. pre-COVID cash XXXX with raising In of XXXX a leverage to relating million maturity profit flexibility. costs, note We used of lower which interest discuss approximately greater trending transaction, million and our and debt of but current senior raised EUR and on I liquidity oversubscribed, on XXX perspective, and half tax This DN approximately notes. flow million which improves July we of From is provided expect are of free on from the line XXXX. ended deductibility in and a $X.X mild expecting operating was was approximately our revolving should interest to Term sufficient X stronger billion. a interest million. our with to Versus an
company until see, can no you As material has XXXX. maturities scheduled the
at capital As capital. where and was of ratio our right the the the Gerrard further XX-month leverage this to of we see X.Xx end the we will of opportunistic stated, structure cost To weighted trailing to continue markets capital debt steps of will net quarter. bottom adjusted appropriate, EBITDA a to second monitor slide, you'll and average take optimize
improved this maximum steadily X.Xx. the past year, and remains it over covenant have ratio below our We of well
Moving to discuss the for Slide will I XX, outlook XXXX.
We billion, created $X.X modest and million. to headwind excluding a revenue, XXXX, X to product services a of impact of mild software to $X.X the generate of a reflecting of $XXX billion revenue and impact approximately divestitures impact which expect revenue in
some to adjusted balance updated risk million, are We macroeconomic million further range maintaining our of appropriate of which, believe, $XXX an and EBITDA for reflects we $XXX uncertainty. of opportunities
to recur include include incremental million targeting and execute which Now million plus actions, hiring. expense, incremental will to a of savings savings merit delays deferred inflation. reduced increases this the are COVID-XX to of bonus DN our year. We unlikely approximately continue $XX our which are margin the initiatives, freeze on and these revenue Approximately Offset from on savings $XXX beyond
of sheet We balance compensation taxes; our the million; have of of cash certain of items; timing $XXX $XX working million XXXX to interest cash unfavorable and $XX million breakeven to net million of from from $XX of free and million; $XX capital includes use; net accruals prepaid of other million expenditures; items, for such contribution. cash $XX pension range improved capital payments $XX million of $XX million restructuring outlook following and flow $XXX payments amounts: approximate transformation a million and as
our and fourth through to challenging third and proportionate be EBITDA conclusion, adjusted first outlook, business to XXXX results and to has a our the half Given challenge results. expect our for period. of investors revenue company our managing the should In risen quarters the
the Our question-and-answer in accomplishments, a will and hand back high creation our provide the operator begin our degree initiatives to Now confidence value And DN call journey. us values with session. company to of I
